‘Perfect storm’ of cyber crime can destroy firms

Wednesday 19 April 2017

Associate Professor in Accounting and Finance, Iain Clacher, was quoted in an article in the Yorkshire Post, discussing the impact cyber crime can have on a companies’ share price.

A study carried out by IT consultant CGI and Oxford Economics found that cyber security breaches can cause irreparable damage to companies’ share prices, with financial firms suffering the most after an attack.

Dr Clacher said it was “no surprise” that breaches in company security had a permanent impact on company values.

We have seen examples in recent years of significant breaches resulting in loss of personal data. This information is valuable to criminal enterprises, and some estimates of the cost to the UK economy is just under £11billion.